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Global Macro Outlook

Nascent economic rebound takes hold globally but recovery will remain fragile

We expect the global economy to continue its recovery from recession in 2021, but global output is unlikely to return to pre-pandemic levels until 2022. Moreover, economic activity will be uneven across countries and sectors, remaining dependent on effective pandemic management and government policy support.
Atsi Sheth
Managing Director - Credit Strategy & Standards
Moody's Investors Service


Short- and long-term drivers of our global economic outlook.

Sovereign Iage


Upside and downside to our economic forecasts.

Sovereign Image

Outlooks Connections Podcast Episode 2

Global economies face policy challenges in 2021 as pandemic fallout continues

Atsi Sheth from the Credit Strategy team and Yves Lemay from the Sovereign Risk Group discuss the outlook for global economy and sovereign credit in 2021 in light of the seismic financial shock caused by the coronavirus pandemic. They also outline the differing outlooks and credit risks faced by three key economies: the US, China and the UK.